Author: shivkumarkatap

Therapeutic laser therapy is the most preferred technology for the treatment of various diseases like cataract and arthritis. Moreover, other applications of lasers in therapeutics includes the branches of dentistry, dermatology, aesthetics, and others. The global market for laser therapy is expected to grow at an exponential rate owing to an increase in the demand for advanced technology for minimally invasive therapeutics, rising geriatric population, and increasing prevalence of cataract, arthritis, periodontal diseases, and others.

The Global Laser Therapy Market is expected to grow at a CAGR of 9.2% during the forecast period 2018-2023.

As per the Arthritis Foundation, as the world’s population continues to age, it is estimated that disorders such as osteoarthritis will impact at least 130 million individuals around the globe by the year 2050. Moreover, in 2016, according to the American Society of Plastic Surgeons, 586,662 minimally-invasive cosmetic procedures were performed for laser skin resurfacing.

America dominates the global laser therapy market owing to a well-developed healthcare sector. Moreover, huge patient population for medical conditions like arthritis and cataract, drives the market growth. According to the Centres for Disease Control and Prevention, about 78 million U.S. adults aged 18 years or older are projected to have doctor-diagnosed arthritis by 2040. Additionally, changing lifestyle, increasing healthcare expenditure, and growing geriatric population have boosted the growth of the market in America.

Europe is the second largest laser therapy market, which is followed by Asia Pacific. Availability of funds for research, huge patient population, increasing healthcare expenditures, a well-developed healthcare sector and government support for research & development are projected to drive the market growth during the forecasted period. According to the Royal National Institute of Blind People (2016), the number of people living with sight loss are expected to reach 2.7 million by 2030 due to possible cases of refractive error, cataract, glaucoma, and others.

Market Research Future (MRFR), enable customers to unravel the complexity of various industries through Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

Medical Tourism is basically when a patient resides in a particular country but travels overseas for medical care. Many factors such as affordability, accessibility, or higher level of quality of care leads to patients seeking care in other countries. Availability of latest healthcare technologies with good quality healthcare and assistance from government and tourist departments can lead to a healthy growth in medical tourism market.

The Global Medical Tourism Market will generate an explosive double digit CAGR of 21.4% during the forecast period (2017-2023).

The global medical tourism market has been growing rapidly and expected to reach at a high growth figure over the review period owing to availability of lots of opportunities. Availability of cost-effective treatments, quality service and less waiting period, rising geriatric population, and increasing prevalence of diseases boost the growth of the market. Furthermore, quality of the treatment and increasing level of living standard have fuelled the market growth. However, communication or language barriers and complications due to traveling before and after surgery may restrain the market growth. The major challenge to the market is to control the illegal practices such as organ trafficking.

Key Player:

There are various market players operating in the Global Medical Tourism Market.

Founded on 1983, Apollo hospitals offers an array of medical treatments and established itself as a leader in healthcare services provider domain. It has a strong presence across the world for its healthcare ecosystem, including Hospitals, Pharmacies, and Primary Care & Diagnostic Clinics. The hospital has focused on various inorganic and organic growth strategies to enhance its services and increase its patient base. For instance in the year 2015, Chennai based Apollo hospitals entered into an agreement with The Indian Railway Catering and Tourism Corporation (IRCTC) to provide hassle-free and easy travel for patients who travel to Apollo hospitals for medical care. This agreement also aims to expand its services to neighbouring counties such as Bangladesh and Sri Lanka in order to attract many more patients. Additionally in 2014, Apollo hospitals invested over 150 crores for promotion of medical tourism in Karnataka.

Fortis Hospital:

Incorporated on 1996, Fortis hospital is one of the leading healthcare provider. Fortis healthcare owns a plethora of healthcare centres such as multi-specialty hospitals as well as super-specialty centres providing tertiary and quaternary healthcare to patients in areas such as cardiac care, orthopedics, neurosciences, oncology, renal care, gastroenterology and mother and child care firm has focused on various strategies such as collaboration, acquisition and receiving patents to enhance its customer base and geographic presence. For instance in 2016, Fortis Hospitals was awarded Best Medical Tourism Hospital by Federation of Karnataka Chambers of Commerce and Industry (FKCCI). Such acclamation enhance the hospitals healthcare system and enforces faith in patients to avail treatment from Fortis hospitals.

Regional Analysis

The global medical tourism market consists of four regions: the Americas, Europe, Asia Pacific, and the Middle East & Africa.

The Asia Pacific dominates the market, particularly, India due to rising developing healthcare infrastructure, increasing government support, and presence cost-effective treatments. Additionally, continuous innovation in the treatment methods and the presence of the leading players contribute to the market growth.

America holds the second position in the market due to availability of the innovative healthcare solutions for diagnostics and treatment, and government support.

European market is growing steadily because people from Europe are traveling to America and Asia Pacific region to seek cost-effective treatments. The courtiers such as Poland, Belgium, Hungary, and Czech Republic are adding fuel to the market growth in this region, and Germany is attracting more number of foreign patients.

The Middle East & Africa is expected witness limited growth due to limited access to the healthcare resources and lack of advanced treatment methods.

…Continued

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Market Research Future (MRFR), enable customers to unravel the complexity of various industries through Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

Pharmacogenomics defines how genes can affect a person’s response to drugs. Pharmacogenomics is predicted to treat a wide range of health problems including cardiovascular diseases, Alzheimer disease, cancer, HIV/AIDS, and asthma, in near future. The growing biotech industry boosts the market growth. According to the Organization for Economic Co-operation and Development in 2017, biotech R&D in the business enterprise sector was 11.3%, and 9.4% of total business enterprise R&D, for U.S. and France respectively in 2014.

Moreover, in 2016, according to the BIOCOM AG, the total turnover for the Germany based biotech companies was USD 3.7 billion. Moreover, rising healthcare expenditures followed by increasing interest for customized drugs will drive the market growth. However, lack of awareness and consistency in pharmacogenomics products will restrain the market growth during the forecasted period.

Global Pharmacogenomics Market – Competitive Analysis

Pharmacogenomics in recent years has used a new generation of technology approaches that has led to a revolution in the understanding of disease susceptibility and pathophysiology, providing enormous potential for novel therapeutic strategies.

However, with companies aiming to capture a considerable share of the market segment as early as possible, they are competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the best strategies.

The global pharmacogenomics market is segmented on the basis of technology, application, and end user.

On the basis of technology, the market is segmented into microarray, sequencing, polymerase chain reaction, and others. The sequencing segment is sub-segmented into Sanger sequencing, pyrosequencing, next-generation sequencing, and others.

On the basis of application, the market is segmented into oncology, cardiology, neurological disorders, and others. The oncology segment, by technology, is sub-segmented into breast cancer, lung cancer, and others.

On the basis of end users, the market is segmented into hospitals, research organizations, academic institute, and others

What are the market opportunities and threats faced by the key vendors?

What are the strengths and weaknesses of the key vendors?

…Continued

About US:

Market Research Future (MRFR), enable customers to unravel the complexity of various industries through Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRSA drugs are used to combat Methicillin-resistant Staphylococcus aureus (MRSA) strains of bacteria. MRSA infections are resistant to many antibiotics and are classified as community-acquired (CA-MRSA) and hospital-acquired (HA-MRSA). Common infections caused by MRSA are bone and joint infections, skin infections, bacteremia and others.

The Global MRSA Drugs Market is expected to reach USD 4,312.2 million by 2023, and the market is projected to grow at a CAGR of ~ 4.4 % during the forecast period 2017-2023.

According to bulletin of the atomic scientists, about 10 million people in the US (3.6 percent of the population) are immune-compromised. The World Health Organization estimated that about 36.7 million people had HIV/AIDS worldwide in 2016. Thus, the rising immune-compromised population is expected to propel the market growth over the review period. Additionally, growing geriatric population projected to support the growth of the market since older people are more susceptible to MRSA infections. World Health Organization estimated that during 2015-2050, the proportion of the world’s population will be nearly double from 12% to 22% and by 2020, the number of people aged over 60 years likely to outnumber children younger than 5 years.

Market Dynamics of Global MRSA drugs Market:

Drivers

The market drivers of global MRSA drugs market are growing number of hospitals and volume of treatment, growing population of elderly and immune compromised patients, growing awareness, government initiatives and programs to control MRSA, and growing prevalence rate of MRSA. Growing bacterial resistance

Restraints

The market is restrained by factors such as menace of spurious and counterfeited drugs, low healthcare expenditure in the underdeveloped regions and others.

The prohibitive cost of novel and patented MRSA drugs is the critical restraint of the MRSA drugs market. For example, Tigecycline 50 mg dose in India costs Rs. 2,990 approximately, which is prohibitive for most of the population.

The global MRSA drugs market is segmented into regions such as North America, Europe, Asia pacific and others so as to have a clear view of the differential market potential and future market equity.

North America commanded the lion’s share of the market in 2016, which is expected to generate USD 1,602.5 million by 2023, growing at a CAGR of 4.6 %. Hospital Readmissions Reduction Program established under Affordable Care Act (ACA) financially penalizes hospitals for higher than expected 30-day readmission rates for diseases such as pneumonia. The financial incentive for reducing readmissions and the rising cost of non-compliance is expected to benefit the MRSA drugs market in the U.S. The excellent reimbursement scenario in the U.S. coupled with the high public expenditure on healthcare accounting for 16% of total GDP is a huge boost to the market.

Europe is the second largest market led by Germany and France due to their large economies. However south European nations such as Italy, Portugal, and Spain have higher prevalence of MRSA and are expected to be the fastest growing market. Scandinavian region countries such as Iceland, Norway, and Finland have very poor rates of MRSA infections which drive down their markets.

Asia Pacific region is expected to be led by China and India due to the fast growing healthcare sector and large unmet needs. However, countries such as Japan, Vietnam, Indonesia, South Korea, Philippines, Sri Lanka, etc. have higher prevalence and are expected to generate faster growth.

Gulf nations such as Saudi Arabia, Kuwait, Jordan, and the UAE are expected to dominate the Middle East & African market. The African region is expected to witness a moderate growth owing to poor economic and political conditions, and poor healthcare development.

…Continued

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Market Research Future (MRFR), enable customers to unravel the complexity of various industries through Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

Contract Research Organizations undertake research on a contract basis from their client. The rights to the work are owned ultimately by the clients who may not have the technical capabilities and capacities to perform the task on their own. Due to the large number of patents expiries, drug companies are under pressure to replace the revenue loss. The rising costs of drug development has put pressure on profit margins. On the other hand there has been an exponential growth in the skills of the contract research organizations. Thus contracting out has become an increasing attractive proposition for both clients and the contract research organization.

Additionally many governments have increased funding for research and development to combat diseases such as cancer, Alzheimer’s etc. Large tax deductions for research coupled with increasing partnerships is also a big driver for the CRO market.

The level of R&D outsourcing will expand significantly in preclinical & clinical segment. The highly specialized nature of the segment coupled with the increasing stringency of the regulations has led to the shift. The need to reduce the costs of the clinical studies especially the phase four studies is another reason for the need to contract out the service. The contract organization is in a position to bundle many contracts which reduces the costs of the study due to economies of scale. Contracting out clinical tests also eliminates the need to maintain elaborate equipment and personnel’s by the client.

Another reason is the growing importance of the supply chains and partnerships for risk sharing and cost sharing. Thus contracting out is done for quality improvement, increasing efficiency, reducing time to market a new product etc. Thus maintaining competitive advantage in today’s cut throat market has become imperative. Increasing need for highly advanced products such as targeted therapies for cancer has led companies to take advantage of contracting out their specialized needs.

However the contract research market also is facing problems such as high costs and scarcity of labour. The high value of intellectual property associated with contracting out research coupled with the fear of losing key in-house research capabilities is contracting the market. Clients are also increasingly disposed and selective towards contract researcher organizations. Contract research providers acting as tactical suppliers are losing favour, while those providing strategic partners are getting favoured. Customer flexibility and joint development of products are being favoured leading to creative contractual agreements.

Post marketing services such as regulatory affairs of drugs is becomes an increasingly specialized segment which has been moving speedily towards data management and information technology. The post marketing services will expand the CRO market due to increasing stringency of regulations and the huge cost associated with the product recalls. This has led to successful marriage between the healthcare and information technology industry. The CRO market is led by America region notably the US. The reason for the dominance of US is the large number of pharmaceutical and biotechnological companies based in the US. The high technological uptake of the US coupled with greater demand and incentives for novel advanced products is also an important factor for the dominance of the US.

Key Players

The key players for the global contract research organization market are

Laboratory Corporation of America Holdings. (U.S.),

QuintilesIMS (U.S.),

PAREXEL International Corporation (U.S.),

Pharmaceutical Product Development LLC. (U.S.),

INC Research LLC (U.S.),

PRA Health Sciences Inc. (U.S.),

ICON plc. (Europe)

Regional Analysis

The global CRO market is growing rapidly and it is expected it will grow with the same pace in near future. The global CRO market is further divided into 4 major region which includes the Americas, Europe, Asia-Pacific and Middle East & Africa. Americas market accounts the largest market for in 2016. While Asia-Pacific market is the fastest growing region. The factors leads to the market growth includes the growing pharmaceutical industry with companies grabbing opportunity to expand their presences all around the globe, increasing new players entering in the CRO market with resulting in high competition between the CROs and improved regulatory environment. Furthermore the low cost in developing countries for conducting clinical trial is around 40 to 60% less than compared to developed countries which is further influencing the growth the market in country.

On the other hand, expanding rivalry, quality concerns and low infrastructure in tier II organisations are a few components that hinder the development rate of the CRO market. Moreover Dependability and consumer loyalty in clinical trials data is deficient, enormously affecting the CRO market. As more settled CROs keep on growing, with dependable information and entrenched customers, the effect of this limitation is expected to reduce.

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Market Research Future (MRFR), enable customers to unravel the complexity of various industries through Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

Companion Diagnostic a therapeutic device, is used to diagnosis a treatment response in the patients as frequently as an in vitro gadget. The device provides information that is essential for the safe and effective use of a corresponding drug or biological product. The outcome (diagnostic report) helps a health care professional to determine is the benefits of a particular therapeutic product will compensate with some potential serious side effects or risks.

Similarly, Companion Diagnostics are also used in drug development process by determining Companion biomarker that help predict likely response of toxicity. Lung Cancer, Colorectal Cancer, Breast Cancer, Melanoma Cancer, Gastric Cancer, Genital Cancer, and deadly infectious disease like HIV are some of the various types of biomarkers available in market.

Over the past few years, Companion Diagnostics has evolved greatly with the advancements in biotechnology. Moreover, owing to the growing prevalence of chronic diseases such as cancer & HIV, Companion Diagnostics has garnered an exclusive prominence. This has resultantly escalated Companion Diagnostics market on the global platform.

Acknowledging the exponential growth the market of Companion Diagnostics is perceiving currently and the growth prospects the market is demonstrating globally; Market Research Future (MRFR) recently published a brilliant study report giving out the complete market insights up till 2023. In its report MRFR asserts that the global Companion Diagnostics market is projected to grow exponentially by 2022, registering a phenomenal CAGR throughout the forecast period (2016 – 2022). Burgeoning healthcare sector is a key factor propelling the market growth.

In addition other factors contributing to foster the market growth include; growing population, urbanization coupled with the adoption of heady, inappropriate lifestyle that fuels the instances of chronic diseases. Continuous advancement in medical technology both for the diagnosis and the treatment of patients also drive the market growth pervasively. Also, awareness among physician and patient about the drug toxicity is providing impetus to the market growth.

On the other hand, scepticism of physicians towards the advancement & efficacies of these devices is likely to restrict the market growth.

In developing countries due to less awareness, Companion Diagnostics is not as much in practice as in developed countries but the developing countries with huge population like India & China have a huge potential to pool in the market share.

Whereas in developed countries, lack of skilled professionals and lack of awareness is hampering the growth of Companion Diagnostics Market. Besides, logistic issues raised so as to develop companion diagnostics and drug together is posing challenges to the market growth.

January 30, 2018 – One Million Solutions in Health (UK), a global community working to stimulate ideas, innovation and solutions announced it has received license for its ground-breaking innovation – basically a biomarker that can also be used as a companion diagnostic to aid in clinical decision-making related to cancer treatments.

January 29, 2018 – Meso Scale Diagnostics, LLC. (US), a leading global maker & marketer of products & services for biological detection, announced that it has received its first clearance from the FDA for an in vitro diagnostic.

Sep. 2017 – Thermo Fisher Scientific (US) a leading global provider of biotechnology product development announced partnership with the Institute of Pathology Heidelberg (IPH). The initiative focuses on forging strategic collaborations with leading, European-based organizations that can lead studies using Thermo Fisher’s Oncoming portfolio of research panels destined for development as Companion Diagnostics to help drive precision oncology in the region.

…Continued

About US:

Market Research Future (MRFR), enable customers to unravel the complexity of various industries through Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

Cochlear implants are used to aid the hearing defects in patients with severe of total hearing impairment. These implant has replaced the old hearing aid devices. Cochlear implants are equipped with an external sound processor containing microphones, battery, electronics assembly and other parts. The device stimulate the cochlear nerve through the use of a coil.

The Global Cochlear Implants Market is anticipated to generate a CAGR growth of 9.86% which is expected to reach USD 3,203.8 million by the end of forecast period of 2023.

Dynamics of Global Cochlear Implants Market:

Drivers:

Technological advances and product development are the two most successful strategies used by the market leaders.

The large number of patients suffering from hearing impairments is the critical driver of the market. It is estimated that in 2014, almost 360 million patients worldwide were suffering from serious hearing loss. According to the Centers for Disease Control and Prevention, by 2025, an estimated 900 million patients are likely to suffer from severe hearing impairment. Thus a large unmet need is easily comprehendible.

Other drivers of the market are rising geriatric population, and favorable reimbursement policies. According to the U.S. Census Bureau in 2015, 8.5% of people representing 617 million over age 65 years of age are suffering from hearing loss.

The growing demand for cochlear implants is the other driver of the market. According to the National Institute on Deafness and Other Communication Disorders estimates, approximately 324,200 registered devices were implanted in 2013 alone. Increasing healthcare expenditure and government support have fuelled the market growth.

Restraints:

The high cost of impacts which can exceed USD 100,000 is the critical restraint on the market. Other prime restraint is the discomfort associated with the devices, and the sense of unnatural sound with lack of clarity and the issue of echo which results in self-rejection by the patients.

Some of the major players in this market are Advanced Bionics AG (Switzerland), MED-El (Austria), Cochlear Ltd (Australia), GAES MÉDICA (Spain), William Demant Holding Group (Denmark), Widex (Denmark), and Microson S.A. (Spain).

Advanced Bionics AG, MED-El, GAES MÉDICA, Cochlear Ltd, and William Demant Holding Group are the dominant market players with large market share.

Key Findings:

The Global Cochlear Implants Market is expected to grow at a CAGR of 9.86% during the period 2017-2023. Increasing prevalence of the ear infection, increasing geriatric population, and technological advances are some of the major factors responsible for market growth.

The Cochlear Implant System type of the products holds the major share of the market.

MED-El, Cochlear Ltd, Advanced Bionics AG, GAES MÉDICA, and William Demant Holding Group are some of the prominent market players in the global cochlear implants market.

Regional analysis of Global Cochlear Implants Market:

The U.S. accounted for the major market share owing to large demand, well-developed technology, high healthcare expenditure, and reimbursements. The large patient’s pool of37.5 million aged 18 and over representing over 15% of American adults add to the market. The presence of a number of leading players and faster uptake of technology add to the growth of the market.

Europe accounted for the second largest market led by Germany on account of its large medical device industry. Europe is followed by the Asia Pacific region led by Japan, South Korea, China and India. China and India are the future markets in Asia Pacific on basis of their growing economies and large unmet needs.

The Middle East & Africa is expected to generate moderate growth owing to the presence of poor socio-economic conditions. The Gulf economies of Saudi Arabia, UAE and Kuwait are expected to drive the market.

…Continued

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Market Research Future (MRFR), enable customers to unravel the complexity of various industries through Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

These days, scientists are in the middle of transferring from printing tiny sheets of tissue to entire 3-D organs. The 3-D bioprinting is a brilliant innovation in the healthcare industry and assisting some of cardiac patients remodel their lives. 3-D bioprinting of human tissues and organs had been continuously evolving because the early 2000s.

The Global 3D Bio-Printing Market is expected to grow at an approximate CAGR of 25% during the forecast period 2018-2023.

It has brought an innovative alternate inside the organ transplant methods and technology. It is a manner regarding the introduction of cell styles the usage of 3-d generation. With 3D bioprinting, it is viable to generate tissues via depositing materials known as bio-inks. Three-dimensional (3-D) printing is driving the best innovations within the discipline of engineering, manufacturing, artwork, schooling, and remedy. Latest advances in this discipline have enabled 3-d printing of biocompatible materials, cells and supporting additives into complex 3-D purposeful residing tissues. 3-D bioprinting has been used for the technology and transplantation of numerous tissues like multi-layered pores and skin, bone, vascular grafts, coronary heart tissue, tracheal splints, and cartilaginous systems. Different packages consist of generating excessive-throughput 3-d-bioprinted tissue models for studies, drug discovery and toxicology.

The market is expected to grow with the same trends during the forecast period. A major driver supporting the growth of the market will be use of 3D bioprinting in the field of next generation pharmaceutical revolution. For instance, the development of 3D-bioprinting for organ replacement offers a new solution for the 1,500 patients on the organ receiver waiting list every year in Australia. Moreover, the market for 3D bioprinting is growing due to the increasing demand for bioprinting in the healthcare sector, high prevalence of chronic diseases, increasing number of organ transplants, and extensive research & development activities. Furthermore, growing stem cell research and increasing adoption of 3D bioprinting in cosmetic industry are expected to create ample growth opportunities for the global market. However, the high cost of 3D bioprinting, lack of skilled professionals and stringent regulatory processes are the key barriers for the growth of the global market.

Companies like Organovo, which are printing human tissues with the help of 3D bioprinters, developed in collaboration with Invetech, will lead us into the future of medicine. As the 3D bioprinting technology advances, synthetic body organs and artificial tissues will become a reality in future.

Moreover, Organovo Holding Inc. participated in conferences such as Cantor Fitzgerald Inaugural Healthcare Conference in 2015, in order to increase awareness regarding their current activities in the field of 3D bioprinting. The company also announced a partnership with L’Oreal in the field of hair and skin care to develop skin tissue using their NovoGen Bioprinting Platform. Therefore, the various key developments in the area of 3D bioprinting has upsurged the growth of the market.

Market Research Future (MRFR), enable customers to unravel the complexity of various industries through Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

Medical tourism is also known as medical travel or health tourism. This term usually refers to traveling to abroad or another country to seek healthcare services. Patients from different countries are traveling outside their home country for the purpose of receiving medical treatments and wellness service. Travelling abroad for medical treatment is not a recent trend, it has been gaining more momentum and media interest in the last decades. According to a report by Oxford Economics and Visa, around 11-14 million people travel abroad for healthcare services.

The Oxford Economics and Visa report estimates that around 11-14 million people travel abroad for healthcare services every year.

The Global Medical Tourism Market will generate an explosive double digit CAGR of 21.4% during the forecast period (2017-2023).

Drivers

Market drivers include ease of travelling and development of air transport. Availability of cost-effective quality treatment in developing countries and rising geriatric population also propel market sales. Moreover, advancements in communications, adoption of in-vitro fertilization, surrogacy, retro-production, and assistance from tourism departments drive the industry.

High cost of treatment in developed countries is another strong driver of the market. It has been witnessed that the cost of treatments in the U.S. is almost 60 % higher than developing countries. Moreover, former Soviet economies, such as Poland, Slovakia, and others leverage their healthcare infrastructure for medical tourism, driving the market.

Availability and falling divergence of latest medical technologies throughout the world, growing penetration of health insurance and better prospects offered by medical tourism players are propelling the market to newer heights. International accreditation is a key factor, boosting worldwide medical tourism. Currently, over 600 health facilities globally are accredited by the U.S. Joint Commission International (JCI), which is growing by 20% each year.

The Orthopedic/spine segment is expected to hold the greatest market shares by the value of 14.9 %, which is anticipated to generate USD 27, 902.8 million by 2023. Oncology/Cancer is estimated to be the fastest growing segment, at a CAGR rate of 21.9% during the forecast period.

…Continued

About US:

Market Research Future (MRFR), enable customers to unravel the complexity of various industries through Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

Pharmacogenomics defines how genes can affect a person’s response to drugs. Pharmacogenomics is predicted to treat a wide range of health problems including cardiovascular diseases, Alzheimer disease, cancer, HIV/AIDS, and asthma, in near future. The growing biotech industry boosts the market growth. According to the Organization for Economic Co-operation and Development in 2017, biotech R&D in the business enterprise sector was 11.3%, and 9.4% of total business enterprise R&D, for U.S. and France respectively in 2014.

Moreover, in 2016, according to the BIOCOM AG, the total turnover for the Germany based biotech companies was USD 3.7 billion. Moreover, rising healthcare expenditures followed by increasing interest for customized drugs will drive the market growth. However, lack of awareness and consistency in pharmacogenomics products will restrain the market growth during the forecasted period.

Global Pharmacogenomics Market – Competitive Analysis

Pharmacogenomics in recent years has used a new generation of technology approaches that has led to a revolution in the understanding of disease susceptibility and pathophysiology, providing enormous potential for novel therapeutic strategies.

However, with companies aiming to capture a considerable share of the market segment as early as possible, they are competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the best strategies.

The global pharmacogenomics market is segmented on the basis of technology, application, and end user.

On the basis of technology, the market is segmented into microarray, sequencing, polymerase chain reaction, and others. The sequencing segment is sub-segmented into Sanger sequencing, pyrosequencing, next-generation sequencing, and others.

On the basis of application, the market is segmented into oncology, cardiology, neurological disorders, and others. The oncology segment, by technology, is sub-segmented into breast cancer, lung cancer, and others.

On the basis of end users, the market is segmented into hospitals, research organizations, academic institute, and others

What are the market opportunities and threats faced by the key vendors?

What are the strengths and weaknesses of the key vendors?

…Continued

About US:

Market Research Future (MRFR), enable customers to unravel the complexity of various industries through Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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Market Research Future

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.